Listen to Me Extremely Carefully on The Second Portman Bill Amendment Banning DeFi

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Some of you may be tempted to go along with this last minute backstab by Portman and Warner where they completely remove protection for anyone in the space who is not a PoW miner or provider of software and hardware to secure private keys.

You need to understand that the future of this industry is DeFi layer 2, whether that is on Bitcoin or something else. It is going to be a combination of layer 2 defi and lightning technology. There is a very clear ethos of censorship resistance for the most disenfranchised built into smart contract based systems, just as with bitcoin.

I struggle to make this argument to bitcoiners because of ignorance about how US law works. Ignorance specifically concerning the Patriot act, Facta, The banking secrecy act, Fatf, SEC laws, and CFTC laws. Rest assured, they can and will carry these laws forward to use against any lightning application or DeFi product based on native bitcoin, any business operator or coder or facilitator of such technology, anywhere in the world, no matter citizenship can and will be federally prosecuted and extradited. If they find you they will extradite you. No one is safe.

This is a direct ban on DeFi. On smart contracts in general on permissionless systems, to ensure that the only smart contracts offered are on permissioned systems they have backdoors to, full patent control over. I.,e banks controlling them as de facto censorable Centralized Exchanges.

Do you want to live in a world with no DeFi? Do you only want centralized exchanges and the absolute guaranteed censorship on the global south that that entails?

You cannot collect KYC on smart contract. They know this. They know it is impossible, and that it turns non compliant non us citizen into felony offenders. They will come for you. How do you think they intimidated Binance and Bitmex? How do you think they caught Mcafee? It is impossible for a normal smart contract to ban US citizens. Backends can't censor people.

This means it is illegal by default. No one in the world can safely operate DeFi without KYC if this bill passes.

No one in the world can safely operate DeFi without KYC if this bill passes.

No one in the world can safely operate DeFi without KYC if this bill passes.

Once that passes, then they will pass ESG laws to censor miners and run them out of the country. They're trying to pick us off one by one.

C A LL your Senator. Tell everyone, explain to your friends, get the message out. This is them using a hydrogen bomb on us with no time, input, or constructive nuance. It is totalitarian, poorly worded, and incoherent and shows the Whitehouse clearly doesn't know wtf they're talking about and the Treasury doesn't care if they ban technology to the point of strangling it in the crib despite knowing it will lose more tax then it collects.